The Budget Sequester Is a Success

The Obama spending blitz is over and the deficit is heading below 4% of GDP.

The biggest underreported story out of Washington this year is that the federal budget is shrinking and much more than anyone in either party expected.

Consider the numbers: According to the Congressional Budget Office, annual outlays peaked at $3.598 trillion in fiscal 2011. After President Obama's first two years in office, many in Washington expected that number to hit $4 trillion by 2014. Instead, spending fell to $3.537 trillion in fiscal 2012, and is on pace to fall below $3.45 trillion by the end of this fiscal year...

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